{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Successful Barrister","title":"Ep. 6 - Is a Flywheel Giving Your Firm Momentum? ","html":"","width":"100%","height":180,"duration":2401,"description":"In this episode, Marc and Diana discuss the flywheel, a concept introduced by Jim Collins in Good to Great and expanded upon in his monograph Turning the Flywheel. Learn what the flywheel can do for your firm and how to translate its concepts to a legal setting. Find out if your firm is asking the five essential questions – and if you have the right answers to build momentum.[0:50] Diana and Marc introduce the concept of the flywheel. Turning the Flywheel is a monograph by Jim Collins that explored the concept of the flywheel, which he introduced in Good to Great.[2:15] The purpose of the flywheel in real life is to regulate the engine, keeping it running when you hit the break. The flywheel as Jim Collins describes it is a pillar that involves six concepts that compound upon each other to build momentum. [4:22] Marc Whitehead & Associates did a leadership boot camp around the flywheel in which the team created their own flywheels for the firm. [5:28] Marc explains an example flywheel that describes Amazon’s model. It involves setting low prices and expansive offerings, increasing customer visits, attracting third-party vendors, and expanding the store and its distribution. This allows Amazon to continue offering low prices. [8:10] According to Collins, all aspects of the flywheel must be working for the flywheel to work. Marc explains that Marc Whitehead & Associates would not succeed if it had poor customer service, for example. [10:18] Marc explains the concept of the flywheel in more detail and how it applies to Marc Whitehead & Associates. The first question in the flywheel asks who your clientele is. Marc Whitehead & Associates serves individuals on the consumer side of law, so its services cater to individuals. Specifically, Marc Whitehead & Associates serves disabled individuals.[13:33] It took Marc a decade to build his practice to a point where he could choose his clients. As he built his revenue, he increased his choices. [14:15] The second part of the...","thumbnail_url":"https://img.transistorcdn.com/Z3RXucwshxpw-Muy18ILlgR1sYl6tBEMs9ha8xpK1jA/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS82ZGY3/NWZkMWQ2MWMyODlk/OGYxYjY0ZjIwYmY1/YWU3Ni5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}